A local investor is cashing in after selling a property in the city for double the amount it originally acquired it for just two years ago.
R2 Cos. has reportedly sold the 150,000-square-foot loft office building at 770 N. Halsted St., for $24 million. The buyer, Crain’s reports, is an affiliate of New York hedge-fund manager, York Capital.
The property was originally purchased by R2 in 2013 for $10.9 million. R2 completed 65,000-plus square feet of leasing and new tenant improvements, and upgraded the building’s lobby and hallways corridors. R2 also added a restaurant amenity and two gym tenants to the building.
A source told Crain’s the property is the firm’s first in Chicago and R2 has retained a 10 percent stake in the complex.
The sale of the 1990 property is timely as nearby activity on a major mixed-use project is set to take place, leading many to speculate that the industrial neighborhood is starting to evolve into an office and multifamily developments-centered location.
